The European Union and the United States announced on Tuesday (15.06.2021) a new joint technology and trade initiative to lead global digital transformation based on common values.
According to European Commission statement, the Trade and Technology Council will serve as “a forum for the United States and the European Union to coordinate approaches on key global trade, economic, and technological issues and to deepen transatlantic trade and economic relations based on shared democratic values.”
About, Margrethe Vestager, Executive Vice-President of the European Commission and Commissioner for Competition, He said: “We have common democratic values and we want to translate them into tangible actions on both sides of the Atlantic. Working towards human-centred digitalisation and open and competitive markets….”
“The EU-US Trade and Technology Council will open up new avenues for transatlantic cooperation. We will work together to ensure that trade and technology serve our societies and economies, while maintaining our common values,” he added. Valdis Dombrovskis, Executive Vice-President of the European Commission and EU Trade CommissionerHe also explained that the TTC is a joint commitment to strengthen technological and industrial leadership and expand bilateral trade and investment. It also provides tools to address threats such as unfair competition and the misuse of new technologies.
The statement said that on behalf of the United States, the Trade Council will be co-chaired by Secretary of State Antony Blinken, Secretary of Commerce Gina Raimondo and Ambassador Katherine Tai, the U.S. trade representative.
The initiative presents other specific objectives, including the following:
- Coordinate standards on new technologies such as artificial intelligence, quantum computing and biotechnology.
- Making supply chains more resilient and less dependent on China.
- Pursue reforms at the World Trade Organization.
- Coordinate the regulation of technological platforms.
The new Trade and Technology Council thus joins the Biden administration's efforts to better compete with China through cooperation between the United States and Europe.
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
